QUESTION 1 The following information belongs to Azreen Cosmetics Enterprise. The owner, Azreen is an art and design graduate who does not have accounting knowledge to prepare a full set of financial statement for her business. Due to this fact, she did not keep proper accounting records. However, her assistance, a SPM school leaver has managed to provide the information below: Azreen Cosmetics Enterprise Statement of Comprehensive Income for the year ended 31 December 2021 Cash sales Credit sales Less: Cost of Goods Sold RM RM 95,400 23,000 118,400 ? Opening inventory Purchases-cash credit Purchases transportation cost Closing Inventory GROSS PROFIT Commission earned Less: Insurance expenses Rent expenses Utilities expenses Wages and salaries Travelling expenses Bad debts expense Depreciation: Shop fixtures and fittings Motor vehicles NET PROFIT / NET LOSS 12,000 ? 540 ? 7,300 ? 2,450 2,400 6,000 2,200 14,000 1,500 1,350 22 ? ? ? Additional information: i. The owner wishes to earn 45% gross profit margin from sales revenue ii. The non-current assets and their depreciation policies are as follows: a. the non-current assets were acquired in January 2019 b. depreciation on motor vehicle and shop fixtures and fittings are charged with full amount using straight line depreciation policy at the rates of 15% and 5% respectively The business reported its assets and liabilities as at each year end 31 December as below: